JGnetworth

DOTUSD Bullish Continuation

Long
KRAKEN:DOTUSD   Polkadot
As we can see on the weekly timeframe, Polkadot has broken out of its long-term resistance along with several other altcoins. We can also see that DOT has been retracing back down over the past few days. My bias is to the upside, so I see this bearish price action simply as a pullback before launching above this week's range and even above $6. My confirmation for this is the current price action, as we can see on the hourly timeframe, 2 considerably bullish candles have formed since testing the breakout zone for the second time. If price continues to break down below the breakout zone, then this investment will be invalid to me and I would bet that DOT will fall substantially further. However, with the price action over the past few weeks, DOT looks to have serious potential of rallying upwards over the next few months, and correcting the gigantic weekly imbalance that fell from $50 into the range we see now. What are your thoughts on this?
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